Friday capped a record week on Wall Street with the Dow Jones Industrial Average and S&P 500 closing at all-time record highs.
The S&P 500 rose 1.23% for the session, closing at 4,839 and topping the previous mark set back in January 2022. The Dow Jones gained just over 1% on Friday to 37,863, breaking its record set in late 2023.
The tech-heavy Nasdaq Composite, the only of the three major indices that failed to close with a record high, had the strongest day percentage wise, gaining 1.7% on Friday to close at 15,310. The tech sector led the charge, gaining 2.35% on Friday and over 4% for the week.
Those numbers officially put all three major averages in positive territory for 2024 and ushered in the return of a bull market for the first time since October 2022. The record-shattering session was part of broader recent gains on Wall Street as investors react to positive financial news.
The economy shows strong signs of making a soft landing and the Federal Reserve appears ready to cut interest rates in 2024. Add to the equation the recent upbeat reports on employment, retail sales and consumer sentiment and you get good news for investors.
